Bamboo Capital reported a profit for the first quarter of 2024 that was more than 11 times higher than the same period last year. Illustrative photo.
Bamboo Capital Group Corporation (MCK: BCG) has just announced its consolidated financial report for the first quarter of 2024 with net revenue reaching 985.4 billion VND, an increase of 40.5% compared to the same period in 2023.
In the revenue structure, the largest contribution was mainly from the renewable energy sector with 320.4 billion VND (accounting for 32.5%); construction infrastructure 222.1 billion VND (accounting for 22.5%); real estate 209.8 billion VND (accounting for 21.3%) and financial services 185.7 billion VND (accounting for 18.8%).
BCG’s financial revenue in this period decreased by 22.4% compared to the same period last year, to 375.9 billion VND. Financial expenses also decreased by more than 25%, to 408 billion VND due to a decrease in interest expenses. In contrast, sales expenses and enterprise management costs both increased by 91% and 22.3%, respectively, to 46.9 billion VND and 102.5 billion VND.
After deducting taxes and fees, BCG reported a profit of 98.2 billion VND in the first quarter of 2024, which is more than 11 times higher than the same period last year.
As of March 31, 2024, Bamboo Capital’s total assets reached more than 42,592 billion VND, an increase of nearly 583 billion VND compared to the beginning of the year. Of which, BCG has 422.2 billion VND in cash and cash equivalents, a decrease of 44.2% compared to the beginning of the year. Short-term financial investments nearly doubled, to 1,062.2 billion VND, of which trading securities increased sharply from more than 5 billion VND to 495 billion VND. Short-term accounts receivable increased by 272 billion VND, to 14,213.2 billion VND.
Inventory fluctuated insignificantly at 3,749 billion VND. This is the investment cost of the Malibu MGM Hoian Resort Project (Quang Nam) invested by the subsidiary – Indichina Hoian Beach Villas Co., Ltd.; the investment cost of the Hoian D’Or Resort Project invested by Con Bap Ecological Tourism Co., Ltd. and other business production costs at subsidiaries.
At the end of the first quarter of 2024, BCG had total liabilities of 24,918.8 billion VND, a slight increase compared to the beginning of the year. Financial debt is at 12,126.5 billion VND; including 300 billion VND bonds due, more than 4,777 billion VND long-term bonds.
